Real Estate question

[DonInBuffalo]

I live in a house next door to the Kenmore Presbyterian Church on Delaware Ave. (I'm a tenant)

 

The church was recently sold to a developer, who plans to convert it into apartments. Tentative plan is for 24 1 BR and 11 2 BR.

 

What will this do to the value of the house that I live in?  Will it go up or down?

 

Here's a Buffalo News article with more details, if you don't mind their semi-pay wall.

 

https://buffalonews.com/business/local/plan-to-convert-kenmore-presbyterian-church-to-apartments-aims-to-preserve-buildings-history/article_b29d0236-2586-11ed-a891-e3f6d823c43e.html#tracking-source=home-top-story

Edited August 28, 2022 by DonInBuffalo
typo

[Beerball]

I can’t answer your question, but the atheists win.

[Guffalo]

I grew up near there. Kenmore was always a cute town. The developer is putting in an investment of around 10M to create 35 apartments at "market rate". If these were condos, I could see your value going up. Rentals can go either way. If they are upscale, it could be great. What are the rates for the old Kenmore Towers up the street? That could give an indication of what is in store. At least you have a short walk to Mikes Subs and Condrell's!

[ExiledInIllinois]

3 hours ago, Beerball said:

I can’t answer your question, but the atheists win.

Yeah.   I can't answer the question either, I just hope they take out their garbage or someone may get into a heck of a lot of trouble trying to do a good turn.

 

"...But Alice doesn't live in the restaurant, she lives in the church nearby the Restaurant, in the bell tower with her husband Ray and Facha, the dog.

And livin' in the bell tower like that, they got a lot of room downstairs
Where the pews used to be, and havin' all that room (seein' as how they took
out all the pews), they decided that they didn't have to take out their
Garbage for a long time.

We got up here and found all the garbage in there and we decided that it'd be a friendly gesture for us to take the garbage down to the city dump..."

[Saxum]

4 hours ago, DonInBuffalo said:

I live in a house next door to the Kenmore Presbyterian Church on Delaware Ave. (I'm a tenant)

 

The church was recently sold to a developer, who plans to convert it into apartments. Tentative plan is for 24 1 BR and 11 2 BR.

 

What will this do to the value of the house that I live in?  Will it go up or down?

 

Here's a Buffalo News article with more details, if you don't mind their semi-pay wall.

 

https://buffalonews.com/business/local/plan-to-convert-kenmore-presbyterian-church-to-apartments-aims-to-preserve-buildings-history/article_b29d0236-2586-11ed-a891-e3f6d823c43e.html#tracking-source=home-top-story

 

Assessed value will likely go up for taxes but that does not necessarily raise the price you may get for your property.

Partly has to do with your property - many people looking to buy a stand alone house due to wanting less noise and traffic.

 

One concern - there will be 35 units but they plan on reducing parking lot to 35 spaces AND adding commerical space.

Many renters have more than one car especially those in two-story loft-style units so this will negatively impact parking in area.

 

 

 

[Draconator]

5 hours ago, DonInBuffalo said:

I live in a house next door to the Kenmore Presbyterian Church on Delaware Ave. (I'm a tenant)

 

The church was recently sold to a developer, who plans to convert it into apartments. Tentative plan is for 24 1 BR and 11 2 BR.

 

What will this do to the value of the house that I live in?  Will it go up or down?

 

Here's a Buffalo News article with more details, if you don't mind their semi-pay wall.

 

https://buffalonews.com/business/local/plan-to-convert-kenmore-presbyterian-church-to-apartments-aims-to-preserve-buildings-history/article_b29d0236-2586-11ed-a891-e3f6d823c43e.html#tracking-source=home-top-story

I'm guessing that it will raise property values, but by how much will be dependent on like what was said, the value of each unit, parking, etc. It's going to be a wait and see type of thing, that could take 2 or 3 years before you really know for sure. (BTW, I'm a real estate agent).  

[jayg]

5 hours ago, DonInBuffalo said:

I live in a house next door to the Kenmore Presbyterian Church on Delaware Ave. (I'm a tenant)

 

The church was recently sold to a developer, who plans to convert it into apartments. Tentative plan is for 24 1 BR and 11 2 BR.

 

What will this do to the value of the house that I live in?  Will it go up or down?

 

Here's a Buffalo News article with more details, if you don't mind their semi-pay wall.

 

https://buffalonews.com/business/local/plan-to-convert-kenmore-presbyterian-church-to-

Other things to consider are how they reconfigure the parking lot and which way the market is going.  Is there a possibility of narrow green area to buffer the house? If so it might help a bit. In a competitive market people often overlook things if there aren't many choices.  In a slower market properties with negative surroundings are usually the last to go and/or have lower sales prices. I'm an appraiser.

[ExiledInIllinois]

Shouldn't taxes go down for your landlord because of the taxes pulled in because of the commercial property, the market?

 

Less taxes for landlord = lower rent.

 

😏  Yeah right... Poster up above had good take, can go either.  Gentrification could make prices skyrocket and push the low-end somewhere else.

[unbillievable]

Generally, increased density raises tax revenue.

 

I play sim city.

 

 

[DonInBuffalo]

Thanks for the feedback.    I used to live in the courtyard apartments on Sanders Rd, so I have a pretty good idea what kinds of issues I might run into once the construction is completed and people start moving in.   Being downwind from all their trash is an obvious concern.   IMO they are going to have parking issues, especially in the winter.   They'll need to dedicate most of the lot to reserved spots for tenants, which won't leave any spare space to pile up the snow.

 

The good news is I should have plenty of time to decide what I want to do.  Most of 2023 will be construction, so tenants won't be moving in until about a year from now at the earliest.